February 25, 2024

La Ronge Northerner

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Inflation: Canadians’ purchasing power is undervalued

Inflation: Canadians’ purchasing power is undervalued

With inflation hitting 8.1% in June, nearly three-quarters of Canadians believe it’s not time to open their wallets and make big purchases, according to a recent survey by the Angus Reid Institute. .

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Inflation is eating away at some of the cash Canadians have, and they’ve been paying a lot more in recent months for essentials like groceries and gas.

Nearly 75% of respondents say it’s not a good idea to make a big purchase like a car or house right away. This figure is up from 2020, when 56% felt the same way.

Three in ten (28%) say they are in serious financial trouble and struggling to keep their heads above water. This is a 10% increase from July 2020.

At the provincial level, 77% of Quebecers say they are in good financial health, the highest percentage in the country.

All eyes then turned to the Bank of Canada, which raised interest rates further and further to save the day. About 71% of respondents say they follow its decisions closely and 53% of them do not trust the company to make the right choices.

The survey was conducted online with 1,606 Canadian adults between July 18 and July 20, 2022.

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